Systems and methods of communicating electronic data transaction updates to client computer systems

ABSTRACT

A computer system is provided that includes a storage system, at least one transceiver, and a processing system with at least one hardware processor. The storage system stores a first list pair. The transceiver receives electronic data messages that each include a respective data transaction request. The processing system determines how the new data transaction request should be processed based on which communication protocol was used to submit the request. Updates regarding the first list pair are sent out to non-party client computer systems using different communication protocols, where one is faster than the other, but the slower update includes private data therein.

CROSS REFERENCE TO RELATED APPLICATION(S)

This application claims priority to U.S. Application No. 62/524,404filed Jun. 23, 2017, the contents of which are incorporated herein byreference.

TECHNICAL OVERVIEW

The technology herein relates to computing systems that match datatransaction requests. More particularly, the technology herein relatesto communicating updates regarding the processing of such datatransaction requests.

INTRODUCTION

In computing technology, reporting the processing results for datatransaction requests can be as important as the underlying processing.This issue can be thought of as the computing equivalent of thephilosophical question “if a tree falls in a forest and no one is aroundto hear it, does it make a sound?” Importantly, in terms of computingprocessing, this issue is not just a philosophical question, but is areal problem that consistently needs to be addressed when new systemsand processes are being developed and deployed.

For example, a networked aircraft may include a local processor forcontrolling engine thrust or wing shape. But the ultimate decision forwhat commands should be issued may be controlled by a remotely locatedcomputer system. An issue arises when the information available to thelocal processor (e.g., the speed of the aircraft) is different from thatavailable to the remote system. In other words, what the remote system“thinks” is current is not actually the current state of the system thatit is controlling. The time difference between the two systems issometimes referred to as latency—the amount of time it takes forinformation to be transmitted from one system to another.

Various techniques have been developed to address these types ofproblems. Some techniques include using complex prediction models thatpredict how the remote system should perform. However, such algorithmsare not omniscient. Other techniques may seek to decrease the latencybetween the two systems. However, the returns for such decreases can bevery small because of the underlying physical constraints (e.g., thespeed of light).

Accordingly, in these, and other areas of computing technology, newtechniques are continually sought after. In particular, techniquesrelated to how updates for data processing performed on one system maybe transmitted to other remote systems.

SUMMARY

In certain example embodiments, a distributed computer system includes atransaction processing computer system, a gateway computer system, and asession manager computer system. The session manager is programmed toaccept incoming data transaction requests, start a session, and selectwhich of plural different gateway computer systems to send the requestto. Each transaction processing computer system has a correspondinggateway computer system.

When the transaction processing computer system receives new datatransaction requests it may perform a matching process against otherdata transaction requests. In certain instances, the matching processmay be performed using private (hidden) that can affect how thecorresponding data transaction request is sorted into the ordered listand/or how the data transaction request is matched against other datatransaction requests. In certain example embodiments, regular datatransaction requests (e.g., those with no private attributes) are alsoreceived and processed.

When updates regarding the state of the transaction processing systemare communicated to external client computer systems, one communicationpathway may provide information that includes private details of thestate of the transaction processing system and another communicationpathway may only include “public” details of the transaction processingsystem. The communication pathway that includes the private informationmay be slower than the pathway that only includes the publicinformation.

The features described herein may be combined to form additionalembodiments and sub-elements of certain embodiments may form yet furtherembodiments. This summary is provided to introduce a selection ofconcepts that are further described below in the detailed description.This summary is intended neither to identify key features or essentialfeatures of the claimed subject matter, nor to be used to limit thescope of the claimed subject matter; rather, this summary is intended toprovide an overview of the subject matter described in this document.Accordingly, it will be appreciated that the above-described featuresare merely examples, and that other features, aspects, and advantages ofthe subject matter described herein will become apparent from thefollowing detailed description, figures, and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

These and other features and advantages will be better and morecompletely understood by referring to the following detailed descriptionof example non-limiting illustrative embodiments in conjunction with thedrawings of which:

FIG. 1 illustrates a non-limiting example function block diagram of acomputer-implemented transaction processing system that client systemscan communicate with using different example communication protocols;

FIGS. 2A-2B shows a signal diagram of how data transaction requests fromclients and how updates back to clients are communicated according tocertain example embodiments; and

FIG. 3 is a signal diagram that illustrates example timings of twoexample communication protocols that are used according to certainexample embodiments; and

FIG. 4 is an example computer system according to certain exampleembodiments.

DETAILED DESCRIPTION

In the following description, for purposes of explanation andnon-limitation, specific details are set forth, such as particularnodes, functional entities, techniques, protocols, etc. in order toprovide an understanding of the described technology. It will beapparent to one skilled in the art that other embodiments may bepracticed apart from the specific details described below. In otherinstances, detailed descriptions of well-known methods, devices,techniques, etc. are omitted so as not to obscure the description withunnecessary detail.

Sections are used in this Detailed Description solely in order to orientthe reader as to the general subject matter of each section; as will beseen below, the description of many features spans multiple sections,and headings should not be read as affecting the meaning of thedescription included in any section.

Overview

Client computer systems communicate with one or more transactionprocessing systems using different communication pathways (e.g.,different communication protocols). Submissions of new data transactionrequests to transaction processing systems can be performed using one ofat least two different communication protocols. A first communicationprotocol is slower than the second. How the transaction processingsystem processes new data transaction requests can be based on which ofthe protocols has been used for the submission process. In particular,those data transaction requests submitted with the slower protocol maybe processed by taking into account private attributes (in addition topublic attributes) while those requests submitted with the fasterprotocol may only be processed by using public attributes.

Updates regarding how data transaction requests have been processed by agiven transaction processing system can also be performed by using oneof multiple different communication protocols. In certain examples, thetype of information included in an update for a given protocol is basedon whether the protocol is “fast” or “slow.” A slower protocol mayinclude additional private attribute information related to the update.In contrast, an update sent out via the faster protocol may include onlypublic attribute information.

In certain examples, a slower protocol may include using a sessionmanager component that handles communications from a given client to agiven transaction processing system and updates from the giventransaction processing system to the given client. In other words, thisprotocol may handle data transaction requests submissions and data feedupdates. In certain examples, a faster submission protocol may use theFIX messaging standard. A faster update protocol may use the ITCHmessaging protocol.

FIG. 1

By way of introduction, FIG. 1 illustrates a non-limiting examplefunction block diagram that includes computer-implemented transactionprocessing system(s) (100A and 100B) that communicate with clientsystems (110 and 120) using different communication protocols.

Transaction processing systems 100A and 100B may be automated exchangecomputer systems (“exchange”(s) hereafter). Exchange 100A includes amatching engine 102A, order book 104A, and network interfaces 106A and108A. Similarly, exchange 100B includes matching engine 102B, order book104B and network interfaces 106B and 108B. As discussed herein, thesimilarly situated components of respective exchanges 100A and 100B mayoperate in similar manners and when one component is discussed (matchingengine 102A), the described functionality may apply to the othercomponent (matching engine 102B). In certain examples, differentexchanges may process different types of resources (e.g., in a securityexample, different types of bonds may be handled by respectivelydifferent exchanges). In certain examples, there may be 10s or 100s ofdifferent exchanges included in an overall distributed computer systemthat handles data transaction requests. For ease of explanation, twoseparate exchanges are shown in FIG. 1—but systems that implement one ormore than two exchanges are contemplated. Exchanges may be implementedon one or more computer systems; such as the system shown in FIG. 4.

Matching engine 102A can be a combination of hardware (e.g., a hardwareprocessor, such as a central processing unit) and software or justhardware (e.g., a suitably designed application-specific integratedcircuit or field programmable gate array). The matching engine 102Ahandles incoming data transaction requests (e.g., data transactionrequest 112A or 112B) and attempts to match incoming data transactionrequests against those data transaction requests stored in theelectronic order book 104A. In certain example embodiments, in additionor alternatively to matching incoming data transaction requests, thematching engine 102A attempts to match data transaction requests alreadystored in the electronic order book 104A (e.g., it attempts to match two“resting” or “passive” data transaction requests). In certain examples,market conditions (e.g., the state of the order book for a particularinstrument) may change and cause two data transaction requests that werepreviously stored in the order book 104A to match (or cross). Inresponse to such a change, the matching engine 102A may identify twodata transaction requests that can match and trigger the execution(e.g., trade) between those two data transaction requests.

Electronic order book 104A can be a data structure (e.g., a database,flat file, list, etc. . . . ) that holds multiple entries inelectronically accessible memory (e.g., RAM, cache, registers, hard diskdrives, etc. . . . ). Typically, an electronic order book 104A has twosides, side X and side Y, which can be bid and offer/ask or buy and sellsides for the same instrument in the same electronic order book. The twosides of the order book may be represented as a list pair data structure(one list for the buy side and one list for the sell side). In certainexamples, each list of the list pair may be sorted. Further discussionof order books is described in U.S. Publication No. 2017/0004563, theentire contents of which are hereby incorporated by reference.

Data transaction requests are initially submitted by client systems (110and/or 120). Client systems can include personal computers, mobiledevices, automated computer systems, and the like. Generally, clientsystems 102 can include any computer system programmed to interface withexchange(s) 100A/100B (or components associated therewith) for thepurpose of submitting data transaction requests.

Data transaction requests include information that can specify an“order” (also called an electronic order herein). Orders are requestsfor one or more data transaction systems to take a given action (e.g.,buy/sell) with respect to an identified resource (e.g., a tickersymbol). For ease of description, “orders” (or electronic orders) areused herein to also refer the submitted “data transaction requests.”

Electronic Orders 112A and 112B are submitted in the form of electronicdata messages (e.g., data messages constructed according to acommunication protocol) for a corresponding order (e.g., a datatransaction request to match the order to a pending, or future, order).The electronic order may specify a client ID that identifies the clientsending the request (e.g., a company, person, etc. . . . ), aninstrument ID that identifies a particular instrument (e.g., a tickersymbol or the like), transaction type ID that may identify, for example,whether the request is associated with a sell or buy instruction, anorder attribute that specifies whether this a regular order, adiscretion order, a midpoint order, or the like, a quantity value thatindicates the quantity of the order, a MinOrder value that indicates aminimum order amount that this order can be matched against, and a pricevalue that indicates a particular price for the order subject to thedata transaction request. In certain examples, other fields may bedefined in the electronic order and/or some may be optional.

In certain examples (e.g., in the case of a discretion order), anelectronic order may also specify the price for the displayed quantityof the order, the quantity to be publically shown, a number ofdiscretion ticks for the hidden portion (a private attribute of theorder) of the order (e.g., tick amount that is less than, such as afraction of, a standard screen tick quantity), the total size of theorder (a private attribute of the order), and the amount of the orderthat is eligible to be matched with discretion (a private attribute ofthe order). In certain examples, the electronic order may specify atotal size value and a publically visible value (e.g., such that thesize of the private part of the order is the difference between thetotal size and the visible value). In certain examples, the electronicorder may specify a hidden size value (a private attribute of the order)and a publically visible value (e.g., such that the total size of theorder is the sum of the hidden and visible values). In certain examples,an order may specify the amount of the order that may be matched at theprice allowed by the discretion. This amount may be less than the totalamount of the order. Thus, for example, a discretion order may display25, have a total quantity of 1000 (e.g., 975 of the 1000 is a privateattribute), and have 500 of that 1000 eligible to be traded at 1discretion tick from the displayed or publically broadcast price. Incertain examples, a private attribute includes a number of discretionticks. Based on this value and the public price of the order, adiscretion price can be calculated.

As discussed herein, public refers to information (e.g., priceinformation, size information, trade information, etc. . . . ) that isgenerally made available to third parties via an electronic data feed(e.g., via ITCH gateway 124). The parties that receive this informationare generally not associated with the order and/or trade. This aspectmay also be referred to as “displaying” information to such thirdparties.

Conversely, private (sometimes also referred to as hidden or darkherein) information generally refers to information for which thedetails are not (at least initially) provided to such third-parties. Incertain instances, private information includes information regardingjust the existence of private attributes of an order. Privateinformation is made available to the parties associated with the trade,order, match, etc. . . . This also includes the exchange itself, thirdparty regulatory systems, and the like. Thus, for example, an order mayhave a public price (e.g. that is “displayed” or provided to thirdparties), a private price (e.g. that is not expressly displayed orprovided to third parties), or a combination thereof (e.g., a publicprice value and a private price value). In certain examples, when amatch is determined between a “public” price and a “private” price, suchmatch information is not made public. The “public” information in such acase is transformed into private information. It will be appreciatedthat discretion type orders may have private attributes (e.g., privatediscretion attributes) and midpoint type orders may also have privateattributes (e.g., private midpoint attributes). Other order types withprivate attributes may be similarly used.

In certain examples, private information regarding orders may beprovided via one of a plurality of communication protocols used todeliver updates from exchange(s) to client computer systems—includingclient computer systems that are controlled by third parties (e.g.,entities that are not a party to a trade or match, or other action to anorder book). In certain examples, orders may only match against restingorders by using private information if the submitted order is marked asbeing from a specific source type. Examples of such matching are shownin FIG. 6 of U.S. Publication No. 2017/0004563 where orders may bemarked as being from different types of clients via a specific datafield of the order. This may include clients that access the exchangesvia certain types of protocols, but not others. For example, orders maybe flagged as being from a “GUI user” or a SessionManager user. Amatching engine may use or not use private attributes as part of amatching process based on the order being submitted from a GUI user or aSession Manager.

There are different communication protocols that clients can use toconnect/communicate with exchanges 100A/100B. A first communicationprotocol (e.g., included in a first communication path) uses sessionmanager 114 and gateways (116A and 116B) that respectively correspond toindividual exchanges (100A and 100B). A second communication protocol(e.g., included in a second communication path) uses gateways (e.g., FIXgateway 122) that determine which exchange (among exchanges 100A and100B) an incoming order (e.g., 112B) should be routed.

For the first communication protocol, as shown in FIG. 1, client 110communicates with session manager 114. Session manager 114 is generallyresponsible for managing a “session” that client 110 has with one ormore of the exchange systems shown in FIG. 1. This includes handlingorders submitted by client 110 and providing information to client 110from the various exchanges (e.g., market data feed information).

With the first communication protocol, client 110 generates a new orderand submits it to exchange(s) 100A/100B via the session manager 114. Incertain examples, the session manager 114 receives the new order 112Aand then determines, based on the contents of the order and/orassociated information, where order 112A should be sent. Specifically,the session manager determines if order 112A should be sent to exchange100A via gateway 116A or should be sent to exchange 100B via gateway116B. Gateways 116A and 116B are each associated with a correspondingexchange—100A and 100B—such that exchanges 100 x may have a 1-to-1relationship with gateways 116 x.

In certain example embodiments, the session manager 114 may annotate anewly received order with additional information indicating that theorder has been received via the session manager. For example, a datafield of the order may be updated with a value that indicates that thisorder is being submitted through the session manager 114. As discussedherein, this information may be used to determine how the order may beprocessed by the corresponding exchange

In general, session manager 114 and gateways 116A/116B are separatecomputer systems that communicate with one another. Thus, sessionmanager 114 may be implemented on a first computer system thatcommunicates with gateways 116A/116B that are implemented on separatecomputer systems (e.g., separate ones of the computer system shown inFIG. 4). However, in certain examples, session manager 114, gateways116A/116B, and/or exchanges 100A/100B may be separate components (e.g.,computer processes) implemented on the same physical computer system. Incertain examples, each of the components may be implemented on differentvirtual machines that may or may not be running on the same underlyinghardware as other components.

In any event, orders that are received by gateways A or B are thentransmitted to the respective exchanges 100A or 100B where the networkinterface (106A and 106B) of those exchanges receive the new order. Thenew order is then passed to the matching engine (102A or 102B) of theexchange that performs a matching process as discussed herein. Incertain examples, the matching process results in a match being foundand subsequent executed. In other examples, the matching process resultsin a new order being added to the order book.

Additionally, whenever there is an update to the state of the order book(e.g., 104A or 104B) of an exchange (e.g., a new order is added, anorder is canceled, modified, etc. . . . ), an electronic data messagemay be generated that is based on how the order book has been updated.The electronic data message may be transmitted back to client 110 vianetwork interface 108A/108B, the gateway 116A/116B, and the sessionmanager 114. Such information may include updates to the order bookcaused by orders from other clients interacting with the order bookand/or updates or confirmations that have been generated based on thoseorders submitted by client 110. For example, if a first client submitsan order that is added to the order book, an update may be transmittedto a second client that indicates that the order book includes that neworder.

In certain example embodiments, updates that are provided via this firstcommunication path may include information that is “private” in additionto information that is public. For example, if a first client submits anew order of quantity 1000 @ 100 that is added to the order book, whereonly 100 of that 1000 is “public”, information regarding the full 1000may be included in the electronic data message that is transmitted outvia this communication path. As explained herein, the “private”information may specify that additional quantity exists—but withoutreference to an exact number, or may include a range (e.g., that between1000 and 10000 additional quantity is available), or may provide theexact amount that is available.

In contrast to the first communication protocol that makes use of thesession manager 114, the second communication protocol uses a generalgateway 122 and does not include the session manager component in itscommunication pathway. General gateway 122 may implement the FIX(Financial Information eXchange) messaging protocol for sending andreceiving messages to/from an exchange. Accordingly client 120 maygenerate an electronic data message (e.g., using the FIX messagingprotocol) 112B and submit that message to gateway 112. The message maybe to submit a new order, modify and existing order, cancel an existingorder, or request information from the exchange regarding restingorders.

Gateway 112 receives the message and determines which of the exchanges(e.g., among 100A and 100B) will receive the message. In other words,gateway 122 may include functionality that is similar in nature to thatfound in the session manager 114 and gateways 116A/116B. Accordingly,the newly received message may be routed to the appropriate exchangesystem based on the contents of the new data transaction request 112Band/or other factors.

A third communication protocol may be used to communicate data regardingthe state of the order book to clients. In particular, an electronicdata feed gateway 124 may communicate with network interfaces 108A/108Bto provides updates on the state of the order book(s) to client 120. Incertain examples, the electronic data feed gateway 124 may implement theITCH protocol. Typically, with this third communication protocol only“public” data will be included in electronic data feed updates. Thus,for example, for the above submitted order with 1000 total quantity, ofwhich only 100 is “public,” only the 100 will be include in updatesprovided via gateway 124. In certain examples, private information maybe included in the third communication protocol. In certain examples,the level of private information provided via the first communicationprotocol may be greater than the level of information provided via thethird communication protocol. For example, the third communicationprotocol may generally indicate that additional quantity is availablefor a given order (or at a price level) while the first communicationprotocol includes information on the exact amount of quantity that isavailable.

In certain examples, client 120 and gateways 122 and 124 may beco-located (as indicated by dashed line 126) with one another (e.g.within the same data center). In certain examples, client 110, sessionmanager 114, and gateways 116A and 116B may also be co-located with oneanother. In certain examples, exchanges 100A and 100B may be co-locatedwith these components. It will be appreciated that even when the sessionmanager, gateways, and clients are all co-located that the firstcommunication protocol is generally slower than the second or thirdcommunication protocols discussed above.

In certain examples, the same client computer system may use multipledifferent communication protocols. For example, client 110 may also bein communication with gateway 122 and gateway 124. Accordingly, as thecommunication protocols operate at different speeds, data regarding thesame updates may be received at client 110 at different times. In otherwords, the “state” of the order book for an exchange may be differentdepending on what communication protocol is being used by a givenclient. Furthermore, order submission times (e.g., the time from whenclient 110 transmits a new data transaction request to the time it“hits” the matching engine of an exchange) may be different.

FIGS. 2A-2B

FIGS. 2A-2B shows a signal diagram of how data transaction requests fromclients 110 and 120 and how updates back to those clients arecommunicated according to certain example embodiments.

At 200, an update to the order book occurs on one of the exchanges 100 x(A or B). For example, a new order is added to the order book or anorder has been removed from the order book (e.g., because it was matchedagainst an incoming order).

As a result, an electronic data feed update is sent out at 202. Thiselectronic data feed is provided via gateway 124 to all clients(including client 120 that subscribes to that data feed). As discussedabove, typically, the information provided via this data feed will onlyinclude information that is classified as “public” data. Thus, hiddensize, price, discretion attributes, or other private or hiddeninformation will typically not be included in the data messages that arepublished via this data feed.

At 204, information may also be transmitted out via the firstcommunication protocol. In particular, those clients that have an activesession with the exchange and/or order book for which the update relatesmay receive a session update message 204 that includes informationregarding the order book update. The update message may be routedthrough gateway 116A and session manager 114 before being received byclient 110. As noted herein, the session update message 204 may includeprivate or hidden attribute information regarding orders that are in theorder book. However, in this particular example, the update thattriggered the session update 204 did not contain any private information(e.g., the update to the order book was based on lit or publicallyvisible order information).

At 206, client 120 may generate an order that is to be submitted toexchange 100 x. The order may be generated based on the informationreceived via the electronic data feed at 202. As discussed herein, bythe time client 2 has generated (and submitted) an order, the sessionupdate message 204 may still be “in-flight” and in the process of beingdelivered to client 1.

At 208, client 2 submits an order to exchange 100 x via gateway 122. Incertain examples, when clients submit orders via gateway 122 (e.g., aFIX gateway) the order may be automatically marked as such (e.g., thatthe order was submitted using the FIX messaging protocol).

At 210, exchange 100 x processes the order submitted at 208. Whether ornot a submitted order can match against the private attributes of otherresting orders may be determined based on whether or not the order hasbeen submitted via FIX or via the Session manager. Specifically, incertain examples, orders submitted via FIX may not match against theprivate data of resting orders, while orders (as discussed below) thatare submitted via the session manager 114 may match against such data.

At 212, as a result of processing the newly submitted order, the orderbook of the corresponding exchange is updated and that update is thentransmitted out via the ITCH electronic data feed at 214 and the sessionmanager at 216. As shown in FIG. 3, the time between 200 and 212 may beless than the time it takes for session update 204 to arrive at client110. In other words, the “state” of the order book represented by 204may be stale or old by the time client 110 receives the update message.Of course, client 110 may also be configured to receive updates viagateway 124.

FIG. 2B shows an example of how session manager based orders may beprocessed.

At 250, an update to the order book occurs and those updates causeupdates to be propagated out to clients via different communicationprotocols at 252 and 254. Unlike the update that was triggered in FIG.2A, this update includes order information that is both public data andprivate data. For example, the update to the order book may includeinformation regarding an order added to the order book at a displayedprice of 101 (e.g., public data) that also included two ticks ofdiscretion (e.g., private data).

At 252, the information is propagated via gateway 116A and sessionmanager 114 to client 110. The update includes both the publicallydisplay price for the order and the amount of discretion that the ordercan trade at (or simply an indicator that it can trade withdiscretion—but not the price level at which that would be). Thisinformation is transmitted from the exchange 100 x to gateway 116A, tosession manager 114 and finally to the client 110.

In certain examples, updates provided via 252 may only include the “top”price level for a given security or instrument. Thus, orders with hiddenattributes that are not at the top price level may not be included insuch updates (e.g., an order that does have the best price, but has 100k hidden quantity will not be included in an update). In certainexamples, the private information that is included in the update maysimply indicate that an order with private attributes exist—but notindicate the precise details of the order. For example, the informationprovided via the update may indicate that additional quantity isavailable—but not provide an exact quantity amount.

The information provided via 252 may be displayed to users on respectiveclient compute system using a graphical user interface. The graphicaluser interface may show an indicator next to a price for an order (orprice level) if discretion (either quantity or price) is available. Theindicator may be an “*” or a “+” sign to indicate that additional“hidden” order flow is available for a given security.

The information that is included in an update communicated via thesession manager may include one or more of the following fields: 1)BID/OFFER disc_lit price—tick price level in the system to whichdiscretion is applied; 2) BID/OFFER discretion ticks—number of ticks ofdiscretion for “discretion price”: 3) BID/OFFER discretion price—Actualdiscretion price, for applications that don't want to compute based ondiscretion ticks; 4) BID/OFFER discretion size—Actual best discretionsize (e.g., if this value is set to ‘0’ it will indicate that there isno price availability for this price level).

Further, if the BID/OFFER discretion size field is greater than zerothen discretion is present. But if it is set to zero then there iscurrently no discretion for that side at that level.

At 254, the ITCH data feed (e.g., using the ITCH messaging protocol) ispropagated to client 120 via the ITCH gateway 124. However, unlike theupdate provided by 252, this update will not include any indication thatdiscretion is available for the order that is displayed at 101.

At 256, client 110 has received the update 252 and then decides togenerate and submit, at 258, a new order. For example, client 110 maydecide to submit an order to match against the order that caused theupdate at 250 at a price level between the bid/offer spread. Thissubmitted order is initially submitted to the session manager 114. Incertain examples, once the session manager receives the new order it maybe automatically annotated with information indicate that this order isan order that is being submitted via the session manager 114. Sessionmanager 114 then routes that order to gateway 116A, which then routes itto exchange 110A.

Once exchange 100A receives the order, then it is processed at 260(e.g., by the matching engine). Examples of how such processing mayoccur for orders that have hidden attributes is described in U.S.Publication No. 2017/0004563, the entire contents of which are herebyincorporated by reference. For example, a match may be determined at aprice using the discretion attribute of the resting order.

In any event, the order book is updated 262, which triggers or causesthe updates via the separate communication protocols at 264 and 266. Theupdate that is provided via 266 may include private informationregarding the just performed match (e.g., simply an indicator that thematch occurred with private information or more precise information theprice and/or quantity). In certain examples, the update 266 is providedto any client computer systems that are using the communication protocolused for the 266 update. In other words, the update that includes theprivate information may be provided to third party client computersystems (e.g., those systems that are not associated with the cause ofthe update to the order book at 262).

The following is an example sequence of transactions for how updates andorder submissions may be realized according to the example embodimentsdescribed herein.

Initially, an order book includes a bid that publically shows 5@100. Adata transaction requests is submitted that is for a non-elect orderwith discretion. That order is 10@100 with 1 discretion tick. The marketdata API (e.g., provided via the session manager) may show “15@100,BID_DISCR_LIT_PRICE=100, BID_DISCR_TICK=1, BID_DISCR_PRICE=100.0039,BID_DISCR_SIZE=10.” In other words, there is 15 available at 100.Further, the data feed includes information that there is 1 discretiontick available, and 10 (of the 15) is available using the discretiontick at the indicated discretion price.

Next, another order with the same discretion is received. In the orderbook is a Bid showing 15@100 (with 10M having 1 Discr tick). A newrequest is received for non-elect discretion order and is entered for10@100 with 1 discretion tick. The electronic data feed will then beupdated with the following information 25@100, BID_DISCR_SIZE=20. Notethat in this instance the other discretion fields are not included inthe update because they have not changed.

Next, another order is received with better discretion. The order bookshows 25@100 (20M with 1 Discr tick). The new request is a bid non-electdiscretion for 10@100 with 2 discretion ticks. The electronic data feedis updated with the following, “35@100, BID_DISCR_TICK=2,BID_DISCR_PRICE=100.0020, BID_DISCR_SIZE=10.”

Next, a counter side order is received. The order book shows 35@100 (20Mwith 1 Discr tick, 10M with 2 Discr ticks). The next order is an offer10@100 that is executed with discretion. The electronic data feed may beupdated as follows “100, BID_DISCR_TICK=1, BID_DISCR_PRICE=100.0039,BID_DISCR_SIZE=20” (basically back to a prior state). Note that volumesmay be updated on a delayed basis.

Next the top level of the bid side is topped. The current state of theorder book is 25@100 (20M with 1 Discr tick). A new bid order isreceived for 10@100+. The electronic data feed send out updateslike—“BID1 will show 10@100+, BID2 will show 25@100, BID_DISCR_SIZE=0.”Here the discretion is no longer applies to the top level of the book,so the discretion size further down in the order book is, essentially,listed as zero.

The order book shows: 1) 10@100+; and then 2) 25@100 (20M with 1 Discrtick—not displayed though). An offer is received and entered for10@100+. This matches against the top order and executes at the full bidsize. The electronic data feed is then updated as follows: BUY1 willshow 0@100, BID2 shows 25@100, BID_DISCR_PRICE=100, BID_DISCR_TICK=1,BID_DISCR_PRICE=100.0039, BID_DISCR_SIZE=20.

With the order book having 25@100 (20M with 1 Discr tick), a newnon-elect order with discretion is received and entered for 20@100 with1 discretion ticks showing 1 with a reserve of 19. The electronic datafeed may be updated as follows: 26@100+, BID_DISCR_SIZE=40. Note herethat the discretion price/tick has not changed, but 20M has been addedto discretion. Additionally, as this is a non-elect discretionaryreserve, the reserve portion of the new order (19) is not shown on SIZEfield—instead the publically visible “1” is added to the previouslyavailable 25.

In another example (not continuing with the above order book state), anorder book shows 25@100 (20M with 1 Discr tick). A new bid order isreceived. The new order is specified as a Session Manager Elect Reserveorder and is entered for 50@100 with 1 discretion ticks showing 1 with49 in reserve. Accordingly, the reserve aspects of this order will onlybe available to other orders that have been submitted using the sessionmanager communication path. The session manager market data will then beupdated to show 75@100, BID_DISCR_SIZE=70. Furthermore, the ITCH basedmarket data feed may only be updated based on the “displayed” size(e.g., only 26 will be included in the ITCH based data feed).

Next an order modification is received for the session manager electreserve order. The order is modified from 50@100 (1/49), to 20@100(1/19). Basically, 30 is removed from the reserve and the market dataAPI provided via the session manager is updated to show 45@100,BID_DISCR_SIZE=40. Note that in this instance, no updates are providedover the ITCH electronic data feed because the “public” aspects of theorder have not been modified.

With the order book having order1 showing 25@100 (20M with 1 Discr tick)and order2 showing 20M SessionManager Elect Reserve (for API)/1 Shown/19Reserve (for ITCH) (e.g., the session manager API shows the top bidbeing 45@100), a new order is received. The new order is aSessionManager Elect order and is entered 30@100 showing 5 with 25 inreserve. The session manager market data feed will then be updated toshow 70@100. In other words, the size 70@100 is changed to indicate newSessionManager Elect size. Further, at the same time, the ITCH data feedwill be updated to add 5M (the displayed size). In this example,discretion did not change so there is no update for it.

FIG. 3

FIG. 3 is a signal diagram that illustrates example timings ofcommunication protocols used according to certain example embodiments.

In a first example, an update from exchange 100A to client 120 using theITCH gateway 124 (300) may happen within 130 microseconds. In contrast,a second example for that same update for the same order book updateusing gateway 116A, session manager 114, to client 110 (302A, 302B,302C) may occur over 600 microseconds.

A similar difference in timings is seen for order submissions whereorders submitted from client 120 via FIX gateway 122 to exchange 100A(310) may take around 100 microseconds. However, orders submitted fromclient 110, via session manager 114 (312A), gateway 116A (312B), toexchange (312C) may take around 650 microseconds.

Naturally other timing may come about depending on the speed ofcommunication protocols involved. It will be appreciated that the totaltime it takes for information to be received via the ITCH gateway andacted upon by clients in the form of an order submission via the FIXgateway (e.g., 100+130) is less than just update time for updates thatoccur via the session manager. In general, the techniques herein ofproviding hidden attribute data via a slower communication protocol(e.g., session manager updates) are beneficial when the timing for suchupdates is greater than the total time for acting upon updates using afaster communication protocol (e.g., receiving updates, submitting a neworder based on those updates, and having it processed by the exchange).

Such benefits may be particularly relevant in multiple exchangeenvironments where updates in one exchange may cause clients to submitorders to another exchanges (or order books). With the techniquesherein, matching based on private attribute information may berestricted to those orders submitted via the slower communicationprotocol (e.g. using the session manager). This allows, for example,clients that have orders with private attributes to be adjusted,canceled, or otherwise modified (e.g., via the FIX gateway) before anyorders can be submitted (e.g., via the session manager) that couldpotentially match against that order based on quick changing updates.

FIG. 4:

FIG. 4 is a block diagram of an example computing device 400 (which mayalso be referred to, for example, as a “computing device,” “computersystem,” or “computing system”) according to some embodiments. In someembodiments, the computing device 400 includes one or more of thefollowing: one or more processors 402; one or more memory devices 404;one or more network interface devices 406; one or more displayinterfaces 408; and one or more user input adapters 410. Additionally,in some embodiments, the computing device 400 is connected to orincludes a display device 412. As will explained below, these elements(e.g., the processors 402, memory devices 404, network interface devices406, display interfaces 408, user input adapters 410, display device412) are hardware devices (for example, electronic circuits orcombinations of circuits) that are configured to perform variousdifferent functions for the computing device 400.

In some embodiments, each or any of the processors 402 (a hardwareprocessor) is or includes, for example, a single- or multi-coreprocessor, a microprocessor (e.g., which may be referred to as a centralprocessing unit or CPU), a digital signal processor (DSP), amicroprocessor in association with a DSP core, an Application SpecificIntegrated Circuit (ASIC), a Field Programmable Gate Array (FPGA)circuit, or a system-on-a-chip (SOC) (e.g., an integrated circuit thatincludes a CPU and other hardware components such as memory, networkinginterfaces, and the like). And/or, in some embodiments, each or any ofthe processors 402 uses an instruction set architecture such as x86 orAdvanced RISC Machine (ARM).

In some embodiments, each or any of the memory devices 404 is orincludes a random access memory (RAM) (such as a Dynamic RAM (DRAM) orStatic RAM (SRAM)), a flash memory (based on, e.g., NAND or NORtechnology), a hard disk, a magneto-optical medium, an optical medium,cache memory, a register (e.g., that holds instructions), or other typeof device that performs the volatile or non-volatile storage of dataand/or instructions (e.g., software that is executed on or by processors402). Memory devices 404 are examples of non-volatile computer-readablestorage media.

In some embodiments, each or any of the network interface devices 406includes one or more circuits (such as a baseband processor and/or awired or wireless transceiver), and implements layer one, layer two,and/or higher layers for one or more wired communications technologies(such as Ethernet (IEEE 802.3)) and/or wireless communicationstechnologies (such as Bluetooth, WiFi (IEEE 802.11), GSM, CDMA2000,UMTS, LTE, LTE-Advanced (LTE-A), and/or other short-range, mid-range,and/or long-range wireless communications technologies). Transceiversmay comprise circuitry for a transmitter and a receiver. The transmitterand receiver may share a common housing and may share some or all of thecircuitry in the housing to perform transmission and reception. In someembodiments, the transmitter and receiver of a transceiver may not shareany common circuitry and/or may be in the same or separate housings.

In some embodiments, each or any of the display interfaces 408 is orincludes one or more circuits that receive data from the processors 402,generate (e.g., via a discrete GPU, an integrated GPU, a CPU executinggraphical processing, or the like) corresponding image data based on thereceived data, and/or output (e.g., a High-Definition MultimediaInterface (HDMI), a DisplayPort Interface, a Video Graphics Array (VGA)interface, a Digital Video Interface (DVI), or the like), the generatedimage data to the display device 412, which displays the image data.Alternatively or additionally, in some embodiments, each or any of thedisplay interfaces 408 is or includes, for example, a video card, videoadapter, or graphics processing unit (GPU).

In some embodiments, each or any of the user input adapters 410 is orincludes one or more circuits that receive and process user input datafrom one or more user input devices (not shown in FIG. 4) that areincluded in, attached to, or otherwise in communication with thecomputing device 400, and that output data based on the received inputdata to the processors 402. Alternatively or additionally, in someembodiments each or any of the user input adapters 410 is or includes,for example, a PS/2 interface, a USB interface, a touchscreencontroller, or the like; and/or the user input adapters 410 facilitatesinput from user input devices (not shown in FIG. 4) such as, forexample, a keyboard, mouse, trackpad, touchscreen, etc. . . . .

In some embodiments, the display device 412 may be a Liquid CrystalDisplay (LCD) display, Light Emitting Diode (LED) display, or other typeof display device. In embodiments where the display device 412 is acomponent of the computing device 400 (e.g., the computing device andthe display device are included in a unified housing), the displaydevice 412 may be a touchscreen display or non-touchscreen display. Inembodiments where the display device 412 is connected to the computingdevice 400 (e.g., is external to the computing device 400 andcommunicates with the computing device 400 via a wire and/or viawireless communication technology), the display device 412 is, forexample, an external monitor, projector, television, display screen,etc. . . . .

In various embodiments, the computing device 400 includes one, or two,or three, four, or more of each or any of the above-mentioned elements(e.g., the processors 402, memory devices 404, network interface devices406, display interfaces 408, and user input adapters 410). Alternativelyor additionally, in some embodiments, the computing device 400 includesone or more of: a processing system that includes the processors 402; amemory or storage system that includes the memory devices 404; and anetwork interface system that includes the network interface devices406.

The computing device 400 may be arranged, in various embodiments, inmany different ways. As just one example, the computing device 400 maybe arranged such that the processors 402 include: a multi (orsingle)-core processor; a first network interface device (whichimplements, for example, WiFi, Bluetooth, NFC, etc. . . . ); a secondnetwork interface device that implements one or more cellularcommunication technologies (e.g., 3G, 4G LTE, CDMA, etc. . . . ); memoryor storage devices (e.g., RAM, flash memory, or a hard disk). Theprocessor, the first network interface device, the second networkinterface device, and the memory devices may be integrated as part ofthe same SOC (e.g., one integrated circuit chip). As another example,the computing device 400 may be arranged such that: the processors 402include two, three, four, five, or more multi-core processors; thenetwork interface devices 406 include a first network interface devicethat implements Ethernet and a second network interface device thatimplements WiFi and/or Bluetooth; and the memory devices 404 include aRAM and a flash memory or hard disk.

As previously noted, whenever it is described in this document that asoftware module or software process performs any action, the action isin actuality performed by underlying hardware elements according to theinstructions that comprise the software module. Consistent with theforegoing, in various embodiments, each or any combination of clients110/120, session manager 114 gateways 116A/116B/122/124, transactionprocessing computer systems 100A and 100B, matching engines 102A/102B,order books 104A/104B, and network interfaces 106A/106B/108A/108B, eachof which will be referred to individually for clarity as a “component”for the remainder of this paragraph, are implemented using an example ofthe computing device 400 of FIG. 5. In such embodiments, the followingapplies for each component: (a) the elements of the 400 computing device400 shown in FIG. 4 (i.e., the one or more processors 402, one or morememory devices 404, one or more network interface devices 406, one ormore display interfaces 408, and one or more user input adapters 410),or appropriate combinations or subsets of the foregoing) are configuredto, adapted to, and/or programmed to implement each or any combinationof the actions, activities, or features described herein as performed bythe component and/or by any software modules described herein asincluded within the component; (b) alternatively or additionally, to theextent it is described herein that one or more software modules existwithin the component, in some embodiments, such software modules (aswell as any data described herein as handled and/or used by the softwaremodules) are stored in the memory devices 404 (e.g., in variousembodiments, in a volatile memory device such as a RAM or an instructionregister and/or in a non-volatile memory device such as a flash memoryor hard disk) and all actions described herein as performed by thesoftware modules are performed by the processors 402 in conjunctionwith, as appropriate, the other elements in and/or connected to thecomputing device 400 (i.e., the network interface devices 406, displayinterfaces 408, user input adapters 410, and/or display device 412); (c)alternatively or additionally, to the extent it is described herein thatthe component processes and/or otherwise handles data, in someembodiments, such data is stored in the memory devices 404 (e.g., insome embodiments, in a volatile memory device such as a RAM and/or in anon-volatile memory device such as a flash memory or hard disk) and/oris processed/handled by the processors 402 in conjunction, asappropriate, the other elements in and/or connected to the computingdevice 400 (i.e., the network interface devices 406, display interfaces408, user input adapters 410, and/or display device 512); (d)alternatively or additionally, in some embodiments, the memory devices402 store instructions that, when executed by the processors 402, causethe processors 402 to perform, in conjunction with, as appropriate, theother elements in and/or connected to the computing device 400 (i.e.,the memory devices 404, network interface devices 406, displayinterfaces 408, user input adapters 410, and/or display device 512),each or any combination of actions described herein as performed by thecomponent and/or by any software modules described herein as includedwithin the component.

Consistent with the preceding paragraph, as one example, in anembodiment where an instance of the computing device 400 is used toimplement transaction processing system 100A, memory devices 404 couldstore data for order book 104A and executable code for matching engine102A. Processors 402 may be used to execute the executable code formatching engine 102A. In another example, ITCH gateway 124 may beimplemented as an FPGA and session manager may be implemented as asoftware module that is executing on a computing device 400 that isseparate from the computing device executing the matching engine.

The hardware configurations shown in FIG. 4 and described above areprovided as examples, and the subject matter described herein may beutilized in conjunction with a variety of different hardwarearchitectures and elements. For example: in many of the Figures in thisdocument, individual functional/action blocks are shown; in variousembodiments, the functions of those blocks may be implemented using (a)individual hardware circuits, (b) using an application specificintegrated circuit (ASIC) specifically configured to perform thedescribed functions/actions (or FPGAs), (c) using one or more digitalsignal processors (DSPs) specifically configured to perform thedescribed functions/actions, (d) using the hardware configurationdescribed above with reference to FIG. 4, (e) via other hardwarearrangements, architectures, and configurations, and/or via combinationsof the technology described in (a) through (e).

Technical Advantages of Described Subject Matter

In certain example embodiments, the subject matter described hereinprovides for alternative communication pathways (e.g., which may includedifferent communications protocols and/or different physical attributes,like being co-located) for communicating information from a transactionprocessing system to client computer systems (and from client computersystems to the transaction processing system). Certain processingoptions (e.g., those that rely on private attributes) are only availablefor data transaction requests submitted via communication pathways thatare slower that a faster communication option. This dual (or more)communication pathway implementation allows client computer systems moreflexibility in how data transaction requests that are resting with thetransaction processing system may be interacted with.

In certain examples, providing additional information via a slowercommunication path can alleviate the latency stress (e.g., latency race)on client computer systems. Such latency concerns may also be alleviateddue to requiring that data transaction requests be submitted through aslower communication pathway. Client systems can receive informationquickly and act on that information quickly, before the newly receivedinformation can be acted upon against the private attributes of a datatransaction request. This increases the stability of the transactionprocessing system.

Selected Terminology

Whenever it is described in this document that a given item is presentin “some embodiments,” “various embodiments,” “certain embodiments,”“certain example embodiments, “some example embodiments,” “an exemplaryembodiment,” or whenever any other similar language is used, it shouldbe understood that the given item is present in at least one embodiment,though is not necessarily present in all embodiments. Consistent withthe foregoing, whenever it is described in this document that an action“may,” “can,” or “could” be performed, that a feature, element, orcomponent “may,” “can,” or “could” be included in or is applicable to agiven context, that a given item “may,” “can,” or “could” possess agiven attribute, or whenever any similar phrase involving the term“may,” “can,” or “could” is used, it should be understood that the givenaction, feature, element, component, attribute, etc. is present in atleast one embodiment, though is not necessarily present in allembodiments. Terms and phrases used in this document, and variationsthereof, unless otherwise expressly stated, should be construed asopen-ended rather than limiting. As examples of the foregoing: “and/or”includes any and all combinations of one or more of the associatedlisted items (e.g., a and/or b means a, b, or a and b); the singularforms “a”, “an” and “the” should be read as meaning “at least one,” “oneor more,” or the like; the term “example” is used provide examples ofthe subject under discussion, not an exhaustive or limiting listthereof; the terms “comprise” and “include” (and other conjugations andother variations thereof) specify the presence of the associated listeditems but do not preclude the presence or addition of one or more otheritems; and if an item is described as “optional,” such descriptionshould not be understood to indicate that other items are also notoptional.

As used herein, the term “non-transitory computer-readable storagemedium” includes a register, a cache memory, a ROM, a semiconductormemory device (such as a D-RAM, S-RAM, or other RAM), a magnetic mediumsuch as a flash memory, a hard disk, a magneto-optical medium, anoptical medium such as a CD-ROM, a DVD, or Blu-Ray Disc, or other typeof device for non-transitory electronic data storage. The term“non-transitory computer-readable storage medium” does not include atransitory, propagating electromagnetic signal.

Individual function or process blocks are shown in the figures. Thoseskilled in the art will appreciate that the functions of those blocksmay be implemented using individual hardware circuits, using softwareprograms and data in conjunction with a suitably programmed hardware,using applications specific integrated circuitry (ASIC), and/or usingone or more digital signal processors (DSPs). The software programinstructions and data may be stored on non-transitory computer-readablestorage medium and when the instructions are executed by a computer, orother suitable hardware processor, control the computer or hardwareprocessor to perform the functionality defined in the programinstructions.

Although process steps, algorithms or the like may be described orclaimed in a particular sequential order, such processes may beconfigured to work in different orders. In other words, any sequence ororder of steps that may be explicitly described or claimed does notnecessarily indicate a requirement that the steps be performed in thatorder. The steps of processes described herein may be performed in anyorder possible. Further, some steps may be performed simultaneously (orin parallel) despite being described or implied as occurringnon-simultaneously (e.g., because one step is described after the otherstep). Moreover, the illustration of a process by its depiction in adrawing does not imply that the illustrated process is exclusive ofother variations and modifications thereto, does not imply that theillustrated process or any of its steps are necessary to theinvention(s), and does not imply that the illustrated process ispreferred. A description of a process is a description of an apparatusfor performing the process. The apparatus that performs the process mayinclude, e.g., a processor and those input devices and output devicesthat are appropriate to perform the process.

Although various embodiments have been shown and described in detail,the claims are not limited to any particular embodiment or example. Noneof the above description should be read as implying that any particularelement, step, range, or function is essential. All structural andfunctional equivalents to the elements of the above-described preferredembodiment that are known to those of ordinary skill in the art areexpressly incorporated herein by reference and are intended to beencompassed. Moreover, it is not necessary for a device or method toaddress each and every problem sought to be solved by the presentinvention, for it to be encompassed by the invention. No embodiment,feature, component, or step in this specification is intended to bededicated to the public.

1. A computing system for processing different types of data transactionrequests, the computing system comprising: a storage system configuredto store at least a first list pair that is composed of a first list anda second list, where a plurality of pending data transaction requestsare included in the first and/or second list, the plurality of pendingdata transaction requests including a first data transaction request inthe first list, wherein the first data transaction request includes apublic value and a private discretion attribute; at least onetransceiver configured to receive, from client computer systems,electronic data messages that each include a respective data transactionrequest, wherein a new electronic data message of the electronic datamessages includes a new data transaction request, wherein the at leastone transceiver is communicatively coupled to at least two differentgateways that are configured with different communication protocols fortransmitting electronic data messages that have been submitted fromclient computer systems to the at least one transceiver; a processingsystem that includes at least one hardware processor coupled to thestorage system and the transceiver, the processing system configured to:determine that the new data transaction request was submitted from aclient computer using a first communication protocol of the differentcommunication protocols; as a result of determining that the new datatransaction request was submitted using the first communicationprotocol, perform a matching process by using at least the new datatransaction request and the private discretion attribute of the firstdata transaction request; and based on a state of the first list pairbeing updated after the performed matching process, cause at least firstand second update messages to be generated and transmitted tothird-party client computer systems, where the first update messageincludes private data of the first list pair and the second updatemessage does not include the private data that is included in the firstupdate message, wherein the second update message is delivered to one ofthe third-party client computer systems more quickly than the firstupdate message.
 2. The computer system of claim 1, wherein theprocessing system is further configured to: receive, via the at leastone transceiver, a second data transaction request submitted using asecond communication protocol of the different communication protocols,wherein a performed matching process using the second data transactionrequest does not use private data of the first list pair.
 3. Thecomputer system of claim 2, wherein latency of electronic data messagescommunicated from client systems to the at least one transceiver isgreater for the first communication protocol than the secondcommunication protocol.
 4. The computer system of claim 1, wherein atotal amount of time needed to (1) submit an electronic data messagefrom a client computer system to the at least one transceiver using thesecond communication protocol and (2) have an update message, which isbased on processing of the electronic data message, delivered back tothe client computer system is less than an amount of time needed todeliver the first update message or an amount of time needed tocommunicate the new electronic data message.
 5. The computer system ofclaim 1, wherein use of the private data for the matching process isadditionally based on an elect attribute of the first data transactionrequest, the value for the elect attribute of the first data transactionrequest being associated with the first communication protocol.
 6. Thecomputer system of claim 1, wherein the processing system is furtherconfigured modify the private discretion attribute of the first datatransaction request, wherein a third update message is transmitted basedon the modification of the private discretion attribute, the thirdupdate message being sent via the same communication protocol used forthe first update message, but an update message using a communicationprotocol that is the same as the second update message is not sent inresponse to the modification of the private discretion attribute.
 7. Thecomputer system of claim 1, wherein the second update message isdelivered using the ITCH messaging protocol.
 8. A method performed on acomputing system for processing data transaction requests, the computingsystem including at least one hardware processor, the method comprising:storing, to an electronic memory device coupled to the computing system,at least a first list pair that is composed of a first list and a secondlist, where a plurality of pending data transaction requests areincluded in the first and/or second list, the plurality of pending datatransaction requests including a first data transaction request in thefirst list, wherein the first data transaction request includes a publicvalue and a private discretion attribute; receiving, via a transceiverof the computing system and from client computer systems, electronicdata messages that each include a respective data transaction request,where a new electronic data message of the electronic data messagesincludes a new data transaction request, wherein the at least onetransceiver is communicatively coupled to at least two differentgateways that are configured with different communication protocols fortransmitting electronic data messages that have been submitted fromclient computer systems to the at least one transceiver; determining, byusing the at least one hardware processor, that the new data transactionrequest was submitted from a client computer using a first communicationprotocol of the different communication protocols; as a result ofdetermining that the new data transaction request was submitted usingthe first communication protocol, performing, by using the at least onehardware processor, a matching process by using at least the new datatransaction request and the private discretion attribute of the firstdata transaction request; as a result of a state of the first list pairbeing updated after the performed matching process, causing at leastfirst and second update messages to be generated; and transmitting thefirst and second update messages to third-party client computer systems,where the first update message includes private data that is containedin the first list pair and the second update message does not includethe private data that is included in the first update message, whereinthe second update message is delivered to one of the third-party clientcomputer systems faster than delivery of the first update message. 9.The method of claim 8, further comprising: receiving, via the at leastone transceiver, a second data transaction request submitted using asecond communication protocol of the different communication protocols,wherein a performed matching process using the second data transactionrequest does not use private data of the first list pair.
 10. The methodof claim 2, wherein latency of electronic data messages communicatedfrom client systems to the transceiver the computing system is greaterfor the first communication protocol than the second communicationprotocol.
 11. The method of claim 8, wherein a total amount of timeneeded to (1) submit an electronic data message from a client computersystem to the at least one transceiver using the second communicationprotocol and (2) have an update message, which is based on processing ofthe electronic data message by the computing system, delivered back tothe client computer system is less than an amount of time needed fordelivering the first update message or an amount of time needed forcommunicating the new electronic data message.
 12. The method of claim8, wherein use of the private data for the matching process isadditionally based on an elect attribute of the first data transactionrequest, the value for the elect attribute of the first data transactionrequest being associated with the first communication protocol.
 13. Themethod of claim 8, further comprising: in response to a request,modifying the private discretion attribute of the first data transactionrequest; and sending a third update message based on modifying theprivate discretion attribute, the third update message being sent viathe same communication protocol used for the first update message. 14.The method of claim 13, wherein an update message using a communicationprotocol that is the same as the second update message is not sent inresponse to the modifying of the private discretion attribute.
 15. Anon-transitory computer readable storage medium having stored thereoncomputer readable instructions for use with a computer system thatincludes at least one processor, electronic memory, and a transceiver,the electronic memory configured to store at least a first list pairthat is composed of a first list and a second list, where a plurality ofpending data transaction requests are included in the first and/orsecond list, the plurality of pending data transaction requestsincluding a first data transaction request in the first list, whereinthe first data transaction request includes a public value and a privatediscretion attribute, the stored computer readable instructionscomprising instructions that cause the computer system to: receive, viathe transceiver and from client computer systems, electronic datamessages that each include a respective data transaction request, wherea new electronic data message of the electronic data messages includes anew data transaction request, wherein the at least one transceiver iscommunicatively coupled to at least two different gateways that areconfigured with different communication protocols for transmittingelectronic data messages that have been submitted from client computersystems to the at least one transceiver; perform a matching processbetween the new data transaction request the first data transactionrequest, wherein the matching process uses the private discretionattribute of the first data transaction request to determine matchingparameters; and based on a state of the first list pair being updatedafter the performed matching process, cause at least first and secondupdate messages to be generated and transmitted to third-party clientcomputer systems, where the first update message includes private datathat is contained in the first list pair and the second update messagedoes not include the private data that is included in the first dataupdate message, wherein the second update message and the first updatemessage are sent using different communication pathways that each havedifferent data communication latencies.
 16. The non-transitory computerreadable storage medium of claim 15, wherein the stored instructionscomprise further instructions that cause the computer system to:determine that the new data transaction request was submitted from aclient computer using a first communication protocol of the differentcommunication protocols, wherein the matching process is performed basedon determining that the new data transaction request was submitted usingthe first communication protocol.
 17. The non-transitory computerreadable storage medium of claim 15, wherein the stored instructionscomprise further instructions that cause the computer system to: accepta second data transaction request submitted using a second communicationprotocol of the different communication protocols, wherein a performedmatching process using the second data transaction request does not useprivate data of the first list pair.
 18. The non-transitory computerreadable storage medium of claim 15, wherein latency of electronic datamessages communicated from client systems to the transceiver thecomputing system is greater for the first communication protocol thanthe second communication protocol.
 19. The non-transitory computerreadable storage medium of claim 15, wherein a total amount of timeneeded to (1) submit an electronic data message from a client computersystem to the at least one transceiver using the second communicationprotocol and (2) have an update message, which is based on processing ofthe electronic data message by the computing system, delivered back tothe client computer system is less than an amount of time needed fordelivering the first update message or an amount of time needed forcommunicating the new electronic data message.
 20. The non-transitorycomputer readable storage medium of claim 15, wherein the storedinstructions comprise further instructions that cause the computersystem to: in response to a submitted request, modify the privatediscretion attribute of the first data transaction request; and send athird update message based on modification of the private discretionattribute of the first data transaction request, the third updatemessage being sent via the same communication protocol used for thefirst update message.